Checking on form 8938 and 114 filing requirements

[francis12]

I am a Canadian citizen on a TN visa working in the US for years now, have 3 rental properties in Canada, have a personal bank account in Canada only for these properties, and have a property manager who has a trust account.

I have always understood the following:

1. I don't need to file IRS form 8938 as rental real estate is not considered something needed for that form and the Canadian bank account makes no interest.
2. I don't need to file IRS form 114 (FBAR) as my personal bank account has not gone over $10K and is a no interest account. It has come close to $10K CDN a couple of times but that $10K US threshold has never been hit.
3. The real estate property management company is a bona fide company with probably over 100 customers so not just 'a guy'. They have a trust account that I believe is used for all customers. Net monthly profit (if any) from my 3 properties is kept in their account from time to time when a big expense (ie: new roof for $10K+, new windows for $10K+) is scheduled to come up to be paid. This may take a few months to get to $10K just to pay off the invoice when it comes in. From there they pay all the money out to the roofer or window company. Looking over the requirements again, I believe I don't need to file IRS form 114 as I don't have authority over that account (used for many clients of course) and they pay directly from the account once an invoice for work comes in.

So is this correct (ie: I don't need to file form 8938 or form 114)?

Thank you.

[nelsona]

Sounds right.

[francis12]

Thank you Nelsona.